SPDW vs VEA ETF Comparison: AI Score, Valuation, Performance and Upside
SPDW and VEA are nearly identical in purpose and characteristics — both are ultra-low-cost international developed market equity ETFs providing broad exposure to European, Japanese, and Asia-Pacific developed market stocks. The differences are primarily the index provider (S&P for SPDW vs. FTSE for VEA), Vanguard's larger AUM and higher brand recognition for VEA, and minor country classification differences. Both are excellent core international equity ETFs; the choice often comes down to existing portfolio structure and brokerage preferences.
SPDW vs VEA is a low-cost international developed market equity comparison where differences are minimal — State Street's SPDW (S&P Developed ex-US BMI Index, ultra-low cost, SPDR Portfolio brand) versus Vanguard's VEA (FTSE Developed All Cap ex-US Index, world's largest AUM in international equities, Vanguard's brand) — both excellent, nearly interchangeable core international equity building blocks with the primary differentiator being cost and index provider preference.
SPDW holds the edge across 3 of 5 key metrics in this comparison. SPDW has delivered stronger 1-year price return (+20.65% vs +20.52% for VEA).
- Already use State Street/SPDR ETFs and prefer maintaining a consistent SPDR Portfolio ETF family for simplicity — SPDW pairs naturally with SPFB (U.S. bonds), SPEM (EM equities), and SPLG (U.S. equities)
- Trade on platforms with preferential commission-free SPDW access or where SPDW has a specific advantage over VEA in terms of platform integration or ETF model portfolio support
- Value the S&P developed market index methodology's specific country and company selection criteria over the FTSE methodology
- Use Vanguard accounts or Vanguard's Total International ETF approach, where VEA pairs naturally with VXUS (total international) or is the developed market allocation within a three-fund portfolio (VTI + VEA + BND)
- Value VEA's world-class liquidity and enormous AUM as providing maximum trading efficiency for both small and large investment amounts
- Already use Vanguard equity ETFs (VTI, VOO) and want to maintain a consistent Vanguard portfolio structure for simplicity and consistent expense ratio minimization
| Metric | SPDW | VEA |
|---|---|---|
| ETF scorei | 27.1 | 27.1 |
| Latest closei | $50.32 | $70.82 |
| 1M returni | -0.47% | -0.44% |
| 3M returni | -1.81% | -1.87% |
| 6M returni | +1.17% | +0.70% |
| 1Y returni | +20.65% | +20.52% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SPDW | VEA |
|---|---|---|
| 1Y ago | $12.46K (+24.6%) started 2025-11-04 | $12.37K (+23.7%) started 2025-11-04 |
| 5Y ago | $18.35K (+83.5%) started 2021-11-05 | $18.42K (+84.2%) started 2021-11-05 |
| 10Y ago | $36.27K (+262.7%) started 2016-11-07 | $36.77K (+267.7%) started 2016-11-07 |
Hypothetical — past performance does not guarantee future results.
| Metric | SPDW | VEA |
|---|---|---|
| Expense ratioi | 0.03% | 0.03% |
| Total assets (AUM)i | $40.99B | $310.2B |
| Dividend yieldi | 3.06% | 2.46% |
| Trailing P/Ei | 16.38 | 16.03 |
| Betai | 0.87 | 0.87 |
| 52-week change | 20.65% | 20.52% |
| Metric | SPDW | VEA |
|---|---|---|
| 1Y returni | +20.65% | +20.52% |
| 6M returni | +1.17% | +0.70% |
| 3M returni | -1.81% | -1.87% |
| 1M returni | -0.47% | -0.44% |
| 1Y Sharpe ratio | 0.91 | 0.89 |
| Betai | 0.87 | 0.87 |
| Dividend yieldi | 3.06% | 2.46% |
| 5Y CAGR | +9.19% | +9.32% |
Over the past year, SPDW and VEA have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SPDW | VEA |
|---|---|---|---|
| 1Y | Growthi | +20.65% | +20.52% |
| CAGRi | +20.67% | +20.54% | |
| Volatilityi | 17.54% | 17.73% | |
| Sharpe ratioi | 0.91 | 0.89 | |
| Sortino ratioi | 1.33 | 1.31 | |
| Max drawdowni | 11.55% | 11.63% | |
| Current drawdowni | 3.80% | 3.79% | |
| Avg drawdowni | 2.35% | 2.39% | |
| Ulcer Indexi | 3.48% | 3.52% | |
| Max daily dropi | 3.71% | 3.72% | |
| Max wkly dropi | 6.96% | 7.06% | |
| 5Y | Growthi | +55.14% | +56.08% |
| CAGRi | +9.19% | +9.32% | |
| Volatilityi | 16.85% | 16.92% | |
| Sharpe ratioi | 0.34 | 0.35 | |
| Sortino ratioi | 0.49 | 0.50 | |
| Max drawdowni | 29.86% | 29.34% | |
| Current drawdowni | 3.80% | 3.79% | |
| Avg drawdowni | 6.86% | 6.56% | |
| Ulcer Indexi | 9.71% | 9.33% | |
| Max daily dropi | 6.34% | 6.33% | |
| Max wkly dropi | 10.59% | 10.51% | |
| 10Y | Growthi | +160.84% | +161.69% |
| CAGRi | +10.07% | +10.11% | |
| Volatilityi | 17.17% | 17.24% | |
| Sharpe ratioi | 0.38 | 0.39 | |
| Sortino ratioi | 0.53 | 0.53 | |
| Max drawdowni | 34.98% | 35.74% | |
| Current drawdowni | 3.80% | 3.79% | |
| Avg drawdowni | 6.52% | 6.50% | |
| Ulcer Indexi | 9.30% | 9.26% | |
| Max daily dropi | 11.19% | 11.18% | |
| Max wkly dropi | 20.69% | 20.94% |
| Category | SPDW | VEA |
|---|---|---|
| Fund name | State Street SPDR Portfolio Developed World ex-US ETF | Vanguard FTSE Developed Markets Index Fund ETF Shares |
| Type | ETF | ETF |
| Expense ratioi | 0.03% | 0.03% |
| Total assets (AUM)i | $40.99B | $310.2B |
| Dividend yieldi | 3.06% | 2.46% |
- Ultra-low expense ratio makes SPDW one of the lowest-cost international ETFs available — SPDW's expense ratio is among the lowest for broad international ETFs; the SPDR Portfolio ETFs series was specifically designed to compete with Vanguard on cost
- S&P Developed ex-US BMI Index includes South Korea and Canada — the S&P index includes Canada and South Korea, which some other developed market indices (notably FTSE used by VEA) may classify differently, providing slightly different country exposure
- Broad inclusion of small-cap developed market stocks — SPDW's index includes small-cap international stocks in addition to large and mid-cap; small-cap international stocks have historically provided a valuation premium versus large-cap international equities
- World-class liquidity as one of the largest international equity ETFs — VEA's enormous AUM (one of the top 10 largest ETFs globally) means institutional and retail investors can trade VEA with minimal market impact; tight spreads make VEA extremely cost-efficient to trade
- Vanguard's cost minimization ethos and mutual ownership structure — Vanguard is owned by its funds; the company's objective is minimizing costs for investors rather than maximizing profits for shareholders; VEA's expense ratio has been reduced multiple times
- FTSE index includes South Korea — FTSE classifies South Korea as developed market, so VEA includes Samsung, SK Hynix, and other Korean companies; investors who want Korean tech exposure within their developed market allocation benefit from this classification
- Currency risk from non-USD developed market holdings — SPDW's returns in USD are affected by the exchange rates of the euro, yen, pound, Canadian dollar, and other currencies; a rising USD reduces SPDW's USD returns even if underlying international stock prices rise in local currency
- International developed markets underperformance vs U.S. equities has been persistent — over the past decade, international developed market equities significantly underperformed U.S. equities; this was driven by U.S. technology sector dominance, stronger U.S. economic growth, and USD strength
- Japan and Europe economic challenges — Japan (historically approximately 20% of SPDW) faces structural economic challenges (demographic decline, corporate governance historically poor); European economies (approximately 45% of SPDW) face energy cost challenges, slower technology sector development, and cyclical vulnerabilities
- Same currency, geopolitical, and international underperformance risks as SPDW — VEA and SPDW face identical macro risks: USD appreciation, European economic challenges, Japanese demographic headwinds, and continued U.S. equity outperformance
- FTSE versus MSCI methodology creates slight differences from iShares EFA (which uses MSCI) — investors combining VEA with MSCI-based ETFs should be aware of potential country weighting differences (South Korea in FTSE developed vs. MSCI emerging)
- Technology sector underweight versus U.S. equities — developed international markets have lower technology sector weights than U.S. indices; VEA's top sectors are industrials, financials, and healthcare rather than technology; this has contributed to underperformance during U.S. tech bull markets
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